Looks like 160 is not the limit. The trend is steady and reaching new records.
- #88,122
- May 24, 2024 6:22am May 24, 2024 6:22am
- Joined Jan 2019 | Status: Trader | 2,656 Posts
Looks like 160 is not the limit. The trend is steady and reaching new records.
This is UJ my friend. She lures you into comfort, then cuts your dick off. While I have been calling 174 for a bit I am wary of this 100% Extension off of the recent higher low. Not to mention this current run up could turn out to be a "look above and fail" of the recent lower high. If Monday we continue and then clear it and the 161, then she will be more convincing. One FED chair still has the possibility of a rate HIKE on the table for the US. June FOMC is the 12th. By the 7th we should see some signs of the anticipated move.
Last week I said we were clear through Thursday due to lack of news. We now have news. Things could turn this morning.
Don't compare your trades to others. Most often the masses are the asses
wow cool two hondo...
check this out.- #88,127
- May 24, 2024 8:03pm May 24, 2024 8:03pm
- Joined Dec 2019 | Status: Going with the flow | 2,033 Posts
{quote} Another week has passed and amazingly the swing is hanging in there with two open positions...just! So we have a weak weekly spinning top which has a HH and HL than last weeks bull candle, so its not looking good. Nevertheless, at least now we can draw a strict trend line and set both SLs of both positions to 156.82. Will it hold? to be honest I am doubtful. But hey, its forex right!? Stranger things have happened{image}
But I enjoyed the process. The idea was clean, but fundamentally it was a long shot.
What did I learn? If I was to attempt a weekly swing attempt again, I would choose a pair that would pay out a positive swap rate, even if the end result was to be stopped out.
Emotional Control. Process, not outcome.
- #88,128
- May 24, 2024 9:07pm May 24, 2024 9:07pm
- Joined Jun 2013 | Status: Trader | 1,732 Posts
{quote} So that's it, the experiment is over as we have been stopped out. Both positions equaled a net zero result, but with the attempt to add several times plus the swaps, the experiment actually cost money. But I enjoyed the process. The idea was clean, but fundamentally it was a long shot. What did I learn? If I was to attempt a weekly swing attempt again, I would choose a pair that would pay out a positive swap rate, even if the end result was to be stopped out.
- #88,129
- May 24, 2024 9:20pm May 24, 2024 9:20pm
- Joined Dec 2019 | Status: Going with the flow | 2,033 Posts
{quote} Hi Kon, just curious, do you pay any attention to the USDX?{image}
Emotional Control. Process, not outcome.
- #88,130
- May 26, 2024 3:21pm May 26, 2024 3:21pm
- Joined Dec 2015 | Status: Trader | 8,767 Posts
Although USDJPY price action on the H4 time frame is sideways as it tackles the 157.00 area, we may still see further northward move. The area was broken down on May 1, 2024.
I may be wrong. Trade safe and prosper.
KP
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #88,134
- May 28, 2024 5:14am May 28, 2024 5:14am
- Joined Aug 2016 | Status: Trader | 10,397 Posts
Long...............SL at BE , as shown......................
- #88,135
- May 28, 2024 9:14am May 28, 2024 9:14am
- Joined Aug 2016 | Status: Trader | 10,397 Posts
Long again , at the proper moment................
- #88,136
- May 28, 2024 11:57pm May 28, 2024 11:57pm
- Joined Aug 2016 | Status: Trader | 10,397 Posts
Holding my longs..................
- #88,137
- May 29, 2024 10:31am May 29, 2024 10:31am
- Joined Aug 2016 | Status: Trader | 10,397 Posts
Plan to close my longs at 157.60 IF SEEN.....................
- #88,138
- May 29, 2024 11:52am May 29, 2024 11:52am
- Joined Jan 2019 | Status: Trader | 2,656 Posts
Don't compare your trades to others. Most often the masses are the asses
- #88,139
- May 29, 2024 4:59pm May 29, 2024 4:59pm
- Joined Sep 2020 | Status: Trader | 8,702 Posts
{quote} So that's it, the experiment is over as we have been stopped out. Both positions equaled a net zero result, but with the attempt to add several times plus the swaps, the experiment actually cost money. But I enjoyed the process. The idea was clean, but fundamentally it was a long shot. What did I learn? If I was to attempt a weekly swing attempt again, I would choose a pair that would pay out a positive swap rate, even if the end result was to be stopped out.
!Well done mate on following your plan and you got a bonus for learning something as well, so very well done
!Now my friend, does this mean you will finally try it the other way and jump on the buying train with me at last
!? I hope so! And if so...
If I don't mention SL and/or TP = longer-term setup possibly in the works!
- #88,140
- May 29, 2024 6:09pm May 29, 2024 6:09pm
- Joined Dec 2019 | Status: Going with the flow | 2,033 Posts
{quote}Cheers Konichiwhaat
I probably won't to be honest
Only because this was a random one off experiment. For now I will continue with my GU day trading (bread and butter) but I always like exploring quirky ideas! I'm currently looking at a 4h entry method on major pairs and how they react to each other. Looking forward to sharing soon! 
Emotional Control. Process, not outcome.